5 Ways To Increase The Value Of Your Product

You’re an entrepreneur, and you invented an amazing product. Or maybe you made a crucial improvement to an existing product that improves the customer experience. You know it’s valuable, but how do you communicate the benefits with potential customers so they buy your product? 

There are five factors that many entrepreneurs neglect, costing them time and money. With these tips, you can cut through the noise and increase your value proposition. You’ll reach customers at the right time with the right message.

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Actively Channel Creativity 

Success isn’t happenstance. Successful entrepreneurs work hard for everything they have. It’s rare for a product to be accidentally profitable – especially in today’s market. There are dozens of other products on the market that look just like yours. How do customers tell the difference between you and the competition?

That’s where your creativity comes in. Your product is unique and so are you. You can do all the research you want that outlines “actionable steps” for success, but without your spark of uniqueness, your efforts mean nothing. Instead of trying to fit in with current trends, stand out from the crowd. Everything about your product from the design to the packaging and marketing should exude uniqueness. 

Improve Business Logistics

If your business is frazzled behind the scenes, it shows through your products. This can manifest as inconsistencies in branding, product management, and even shipping and processing. When you streamline business logistics, you pay attention to every step of your product’s journey – no matter how small. 

Make improvements where you can by taking feedback from employees, business partners, and customers. Turn feedback into actionable steps that improve your business model. If you’re not sure where to begin, consider these areas:

  • Channels for feedback
  • Inventory management
  • Customer communication
  • Competitor inspiration

Streamline Customer Support

In an ideal world, your product descriptions tell customers everything they need to know and your product works perfectly every time. But sometimes your customers will be dissatisfied or have questions and they’ll need your help. You elevate your brand and offer product confidence when you have transparent customer support. 

  • Frequently Asked Questions

You want to keep product descriptions concise while also offering more in-depth information. The FAQ section on your website is a great place to share details. Be sure to include keywords that your customers may use to search your site to learn more.

  • Multi-Channel Availability

Some customers want to pick up the phone and talk to a real person. Others want to chat online. There are also customers that are OK with typing up an email and waiting on a response. When you offer different ways for customers to reach you, it helps make your brand more legitimate. Remember that you also have to offer customer service via any active social media channels, too. 

  • Cultivate Consistency

Customers talk to one another. They share reviews online and tell their friends and family about your product. If you send a replacement part or honor a full refund, they share those details. You want to have a clear policy so that each customer receives consistent service. 

Find Ways to Add Customization

You may have millions of customers, but each one wants to feel like your product fits them as an individual. Depending on your product, there are many ways you can approach e-commerce customization. You can start by stripping your product down to a very basic template. Then outline your customization options, which may include:

  • Colors
  • Materials
  • Add-on features
  • Size
  • Quantity

Keep in mind that you have to strike a balance between customization and simplicity. If the options are too overwhelming, your customers will abandon your product and move on to a competitor. Help them out by highlighting what options are most popular with other customers. 

You can help potential customers understand the “why” behind customization options by framing each one as a product benefit. As an added bonus you can treat the customization step as a vehicle for feature education. Your customers are likely to dedicate time to the customization process, so integrate pertinent details into this step. 

Introduce Digital Aspects

Money is going digital with cryptocurrency. Art is going digital with NFTs. Your customers are always scrolling on their phones waiting for something to catch their attention. It’s easy to make a website and manage social media pages, so now you have to take your product to the next level.

Make your product 3D on your website for a more engaging experience. Create a way for them to interact with your product in augmented reality (AR) before purchasing. For some, this may be futuristic, but these features are quickly gaining traction. You can be ahead of the trends instead of playing catch up later on.

Have questions about how to implement these tips for increasing product value? Let us help! 

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Looking for tips to increase your retail revenue? Download our free ebook “Using AI to Personalize the Retail Experience and Increase Revenue”!

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